Alberta · NOI
Proposal Report to creditors dated September 8, 2023
Court officer report · 8 September 2023
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing2 verified
- financial positionnote: Assets by category: Accounts receivable 1,370; Inventory 8,052; Prepaid expenses and other current assets 679; Property and equipment, net of depreciation 28,205 (Total 38,306, $000s). Liabilities by category: Overdraft Account 581; Accounts Payable 7,000; GST Payable 270; CFCU Term Loans 20,649 (Total 28,500, $000s). Both stated as book values as at July 31, 2023. · as at: 2023-07-31 · basis: book value, unaudited internal financial information provided by the Companies · scope: combined entity-level figures for OGEN Ltd. and OGEN Holdings Ltd. · currency: CAD · total assets: 38306000 · total liabilities: 28500000
- recovery outcomeentries: basis: liquidation_alternative · quote: As such, no amount would be available for the Unsecured Creditors of the Companies and CFCU would incur a significant shortfall on its outstanding indebtedness. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors of the Companies · interim final: unstated · conditional on: in a bankruptcy scenario if the Proposal is not accepted · claims qualifier: unstated; basis: liquidation_alternative · quote: As such, no amount would be available for the Unsecured Creditors of the Companies and CFCU would incur a significant shortfall on its outstanding indebtedness. · pct of: unstated · outcome: shortfall · class key: secured · stated by: proposal_trustee · class label: CFCU · creditor name: CFCU · interim final: unstated · conditional on: in a bankruptcy scenario · claims qualifier: unstated; basis: plan · quote: In comparison, $1,015,000 would be available to the General Unsecured Class Creditors under the Proposal. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: proposal_trustee · amount low: 1015000 · amount high: 1015000 · class label: General Unsecured Class Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Payments under the Proposal could result in a recovery of up to 100% of Convenience Claims, up to the maximum of $20,000 · pct of: unstated · outcome: distribution · pct low: 100 · pct high: 100 · class key: unsecured · stated by: proposal_trustee · class label: Convenience Claims · interim final: unstated · conditional on: up to the maximum of $20,000 per Convenience Claim · claims qualifier: unstated; basis: plan · quote: approximately 10% for General Unsecured Creditor Claims who have elected not to file as a Convenience Claim · pct of: unstated · outcome: distribution · pct low: 10 · pct high: 10 · class key: unsecured · stated by: proposal_trustee · class label: General Unsecured Creditor Claims who have elected not to file as a Convenience Claim · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: versus the alternative, which is a $nil recovery if the Proposal is rejected and the Companies become bankrupt. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · conditional on: if the Proposal is rejected and the Companies become bankrupt · claims qualifier: unstated · stated on: 2023-09-08 · table missing: